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From Debt to Dynasty: 14 Keys to Success in Business

From Debt to Dynasty: 14 Keys to Success in Business

Cristiana was born an entrepreneur. She grew up with dreams of being her own boss, and when she went away to college, she got a degree in business, which afforded her the privilege of having a piece of paper that put into words what she had known her whole life – she was a businesswoman. So what was the next step?

Cristiana learned so much about business in her lifetime and then in college, so she decided to put that into practice. She started a consultancy firm for women to learn how to be successful entrepreneurs. She had so many ideas about how to serve other women and help them grow their small businesses, but she needed a business plan to guide her. As soon as she started to get her idea off the ground, she was flooded with inquiries, but she wasn’t sure where to go next.

Here’s some keys to success in business that will move your idea from thought to reality.

 

Office Organization

keys to success in businessOne of the first things a new business should look at is how they’re going to set up their offices. If you get off on a bad foot, it affects the whole mood of your business and how it operates. A clean and a well-laid out office is the first sign of a successful small business. If you’re working from home, you need to make sure there are clear boundaries between where you personal life ends and your business life begins. There are a number of things you can do to make sure that you don’t end up working in your pajamas in front of the TV. It may sound amazing, but when you are looking to run a successful small business, you need to set boundaries.

1. Comfortable seating: The more comfortable your chair is, the more productive you are going to be. Most of the working population experiences back pain at some point in their life because they sit for most of the day with poor posture. Make sure your workspace is set up ergonomically. Here’s a guide on how to set up your optimized office.

2. Light it up: Make sure your desk lamp is not too bright or too dim. If you don’t have the perfect lighting, you’ll find yourself straining your eyes and this will cause blinding headaches. Experiment with different light exposures to see what works best for you.

3. Technology is key: With the comfort of working at home, it’s easy to let your tech get the best of you. If you have problems with your technology often, it might be time to sign on someone give you tech support and help you update things from time to time. All that time wasted on broken systems could have been better put to use on a fantastic new project.

4. Create an atmosphere: One thing that’s incredibly important about your workspace is that it makes you feel good about being there. If you don’t feel good about where you’re working, you’re most likely not going to feel good about your work. Check out the endless inspiration on Pinterest to find out how you can make your work space totally you. You can try things such as decor, plants, pets, photographs, posters, personalised prints, and small, unique elements to spruce up your working environment. Simple things can change the whole feel of a space and improve your work performance. 

5. Get a work phone: Make sure you have a dedicated work phone and a dedicated home phone. This will avoid any confusion and further serve to separate your work life from your personal life. Anything you can do to separate these two halves of your life will be advantageous. There’s nothing worse than having your toddler answer an important phone call.

 

Dealing with Legalities

keys to success in businessTo be a successful entrepreneur, you must be familiar with the world of legalities. Legal problems often plague businesses in the beginning if these matters are properly taken care of. Businesses make mistakes, but here are some easy ones to avoid on your journey to becoming a millionaire entrepreneur:

1. No incorporation – Determine which corporate structure is best for your business and get the right legal structure for your company in order.

2. No shareholder agreement – Make sure that you have contracts written out in regards to shareholders. Have an attorney write up these documents for you.

3. No human resources guidelines – When a company is very small, sometimes management doesn’t have a good set of guidelines for dealing with employees. Make sure you have a consultant that deals with these sorts of things.

4. No patents/copyrights/trademarks – You need to protect your intellectual property before another company steps in to take over what you’ve got. Get a lawyer on board who can take care of this for you.

5. No business insurance – Business insurance can be a tricky route to navigate. For some businesses, it’s compulsory, for some, it’s just a good thing to have. Make sure you talk to your lawyer.

 

Acquiring Funding

When you’re looking for ways to fund your business, it’s important to make sure you look at all your options. Rushing into financing is not a good idea. Funding is an important part of running a successful small business. There are a number of ways to find financing, but above all, do your research.

1. Small business loans: If you need a lot of money to get your business going, a small business loan can provide thousands of dollars at a decent interest rate. If you go down this route, you might find yourself with more money than you actually need.

2. Crowdfunding: Platforms such as Kickstarter, Indiegogo and others are great places to find funds when you need them. With this method, you can go directly to the masses and pitch your world-changing ideas. People who believe in your idea can contribute towards your goal. The benefit of crowdfunding is that you can get the word out about your business. The downside is that the transaction costs associated with this type of funding can be steep, ranging from 5% to 10% of the amount raised.

3. Grants: There are a number of grants you can take advantage of from nonprofits and the government alike. You can receive a number of different grants as an incentive to starting a business. Partnering with other businesses can also increase your likelihood of being eligible for those grants. Check places such as grants.gov to see what’s available to you.

4. Short term loan: If you need some short term money, try looking online. Websites such as 1800loanstore.com can provide short-term loans with no credit checks, low rates, and wire-transferred funds. Online websites can provide great opportunities for loans that can tide you over with bills and other everyday worries until the real money starts flowing in.

 

Summary

1. Organize your office: There are so many office organization ideas out there that you’ll be able to find inspiration to create the perfect office for you and your business. Keep the lighting bright, make sure you have good back support, and make sure that you keep your personal life separate from your business life.

2. Legalize it: Don’t make any decisions without consulting a lawyer. Even though it seems like an added expense, in the long run, it will save you thousands of dollars in fees for your business. Research employment laws, patent laws and pretty much anything else you can think of.

3. Loans for women entrepreneurs: As women, getting financing can be tough. Look online and in nontraditional places to find the money you need.

Scott Carver
Scott Carver
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